During the Entrepreneurs vs. Investors event, discussions focused on start-ups, challenges faced during the company’s maturity stages, types of funding, and business angels (nearly all the entrepreneurs on the panel being business angels).


On October 26, 2013, I was in the same room with prominent figures of Romanian entrepreneurship, such as Marius Ghenea, Simona Baciu, Răzvan Tudor, Orlando Szasz, Adrian Erimescu, Dragoș Roua, Bogdan Tenu, or Călin Sarchiz. And last but not least, with the entrepreneurship guru, the special guest of the day, Robert Hisrich.

Since I took many notes, I’m sharing what I learned in several stages, so we don’t get too overwhelmed.

START-UP STAGE

Entrepreneur < Sanskrit, anta prena (self-motivated)

The Business Plan:

  • It is very important to have a plan! It will show you more clearly where you want to go, even if you don’t follow it. If you visualize something, that thing will happen.
  • The plan changes along the way, and it’s important to be based on at least three components:
  1. financial (revenue and expenditure budget)
  2. team
  3. marketing (SWOT analysis, promotion, etc.)
  • It must have key points: control elements, possible scenarios, plan B (!)

Start up

I learned what an investor looks for (of any kind) when proposed to invest in a new business:

  • the people presenting (Marius Ghenea recommends not starting alone; if there are two or three of you, there will be a complementarity of skills and resources)
  • personal values and attitude (things that cannot be “bought,” they exist within you)
  • the market (does the business solve a real need?)
  • the level of business testing (has a focus group or a prototype been made?)
  • differentiation factors (or what is called a Unique Selling Proposition, consisting of 3-5 things that are ONLY yours)
  • who is the customer, can they afford to buy your product?
  • what are your business’s revenue sources?
  • how do you sell your product?
  • major risks
  • funding requirements
  • expansion / development potential
  • exit strategy / options

Tips and words of wisdom:

  • The best time to plant a tree was 20 years ago. The next best time is tomorrow.
  • It is important to meet successful people, as you will find role models to follow. (Robert Hisrich)
  • Each of us must have what is called an elevator pitch: a one-minute presentation of oneself, which you would give if you were in an elevator with that person who could change your life.
  • Who is your target audience? Besides your grandmother—grandmothers buy anything! (Robert Hisrich)
  • Encourage intrapreneurship! You want to keep your key people, give them the opportunity to be creative, to own their jobs! (Robert Hisrich)
  • A child is the ultimate start-up. I have three and that makes me rich. (Guy Kawasaki)
  • Build a reputation from testimonials and endorsements from satisfied customers or prominent figures.
  • Delegate and let your people make mistakes!
  • Ask “What is the solution?”, not “What is the trouble?” (Simona Baciu)
  • In entrepreneurship, there are no templates; you cannot walk in someone else’s shoes!
  • Small children, small problems! Big children, big problems! (regarding start-ups and mature businesses)

We will return with the rest of the tips, but until then we recommend an excellent resource for start-ups.